LafargeHolcim to sell China cement assets to Huaxin

ZURICH: LafargeHolcim Ltd has agreed to sell to Huaxin Cement Co Ltd most of the non-listed Chinese cement assets of Lafarge China Cement Ltd for an estimated 208 million Swiss francs ($215 million), the Swiss-French cement group said.

"Following our announcement earlier this week to divest our listed entity Shuangma, this transaction is a further important step towards streamlining our operations in China," Chief Executive Eric Olsen said in a statement on Wednesday.

The sale of 13 cement plants and four grinding stations with an annual cement capacity of 18 million tonnes, which requires regulatory and other approvals, would reduce net debt by 376 million francs, it added.